Garanti secured USD 500 million Subordinated Loan
Garanti secured USD 500 million Subordinated Loan
On February 5th 2007, Garanti Bank secured a USD 500 million 10-year maturity (non-call 5) subordinated fixed-rate loan due February 2017. The fixed rate loan with Political Risk Insurance provided by Steadfast (a subsidiary of Zurich American Insurance Company) received a rating of Baa1 by Moody's Investors Service and priced at par to yield 6.95% to investors (207.7 bps over comparable US Treasuries).